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American Water Receives Highest ESG Evaluation Score for U.S. Based Utility From S&P Global Ratings
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CAMDEN, N.J.--(BUSINESS WIRE)--
American Water (NYSE: AWK), the largest publicly-traded U.S. water and wastewater utility company, announced today it received a score of 87 (out of 100) as reported in the S&P Global Ratings ESG Evaluation Report. It is the highest evaluation score given to a U.S. utility by S&P and the 3rd highest globally. This is the second time that the company has been evaluated by S&P, receiving the same high-performing score in April of 2020.
“We are extremely proud to have been recognized for our commitment to Environmental Leadership, Social Responsibility, and Governance (ESG) and our best-in-class preparedness,” said Susan Hardwick, interim CEO, EVP and CFO of American Water. “Our ongoing commitment to integrating ESG principles throughout our business is why American Water continues to be recognized for our leadership. We are committed to caring for people and the environment as we strengthen the communities we serve.”
According to S&P Global Ratings, “American Water's ESG Evaluation score of 87 reflects our view that the company prioritizes commitments to safety, environmental stewardship, and public health in its strategy, and that ESG goals are a natural fit for and align well with its business model. Additionally, we view American Water's preparedness assessment of 'best-in-class' as reflective of its ability to identify, assess, and act on risks and opportunities its business faces, such as climate change, infrastructure replacement, water contamination, and an aging workforce. The company fosters an effective culture to contend with sustainability-related risks, and it prioritizes safety and compliance with mandated regulations across all lines of operations to protect and enhance its financial and reputational standing.”
“In the aftermath of Hurricane Ida, New Jersey American Water successfully withstood widespread flooding with no impact on drinking water quality in any of our service areas. We also witnessed the value of our resiliency investments in our Pennsylvania, Maryland, and New York operations,” added Cheryl Norton, COO at American Water. “We are committed to accelerating and expanding our capital spend related to resiliency across our footprint, as evidenced by these continued investments now representing 10-12% of our 10-year capital plan.”
American Water’s dedication to sustainability and being an environmental leader in the water and wastewater industry is demonstrated by its progress towards achieving the following goals established earlier this year:
By 2025, reduce absolute scope 1 and scope 2 GHG emissions by more than 40% from a 2007 baseline
By 2030, increase water system resiliency to respond to more extreme events by increasing its URI weighted average by 10% from a 2020 baseline
By 2035, continue to meet customer needs while saving 15% in water delivered per customer compared to a 2015 baseline
American Water will also invest $28-32 billion over the next ten years to address aging infrastructure, increase resiliency of critical assets against the impacts of climate variability, reduce or eliminate leaks, improve cyber and physical security, and improve water quality.
Earlier this year, American Water was selected for the 2021 Bloomberg Gender-Equality Index and several of its executives have been honored as leaders in diversity by the Philadelphia Business Journal and National Diversity Council. Also, in September of this year, the company published its sixth biennial Sustainability Report highlighting its ESG efforts. The full report can be found in the Sustainability Report section of the company’s website.
The American Water ESG Evaluation Report published by S&P Global Ratings can be found here.
About American Water
With a history dating back to 1886, American Water (NYSE: AWK) is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,500 dedicated professionals who provide regulated and regulated-like drinking water and wastewater services to an estimated 14 million people in 25 states. American Water provides safe, clean, affordable and reliable water services to our customers to help keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.
